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The Calcutta High Court recently addressed a case involving a reporting error related to cess in the monthly GSTR-3B returns. The error was later rectified through the annual GSTR-9 return. The Court directed the authorities to reconsider the matter and take into account the corrections made in the annual return for the initial omission of […]
You should not delay or be deprived of the benefits of a bonus, renewal discounts, or even coverage continuity if your individual life or health insurance policy is due for renewal before September 22. Premiums will be reduced after that specific data because of the proceeds of the GST council to scrap the 18% tax, […]
Certain relief to the fertilizer companies is on the cards as the GST council seems to suggest the issuance of the circular for releasing the refunds due to the inverted duty structure and subsidy. After the general elections, the council is anticipated to meet. Inverted Duty Structure (IDS) is directed to a higher duty on […]
The government is now considering exempting vouchers or gift cards from the collection of goods and services tax (GST), with the aim of addressing the issue of double taxation in some situations. Many retailers provide customers with vouchers or gift cards that may be exchanged for their products. As per the sources acquainted with the […]
The 21 days lockdown announced by the Prime Minister on 24 March 2020 has been extended now till 3 May 2020 looking at the increasing cases of corona positive patients in India. Not only India but the entire world is struggling with COVID-19 crises and the government of every country is coming up with possible […]
The government is planning to allot a bit of GST relief to SEZ (Special Economic Zones) for their supplies to Domestic Tariff Area (DTA), declared by a Finance Ministry Official. Above that, the GST department is planning to give some concessions to MSMEs that qualify for the composition dealer category so that they are taxed […]
FICCI writes a letter to FM Nirmala Sitharaman highlighting the saturated position of the business service segment due to the COVID-19 outbreak in India. The business association (FICCI) stressed upon the urgent need for relaxations like GST rate cut, PF contribution support for the business service segment. The sector having the total employee accumulation of […]
There are a number of companies that make a plethora of unbranded clocks units. And some well-known brands like Ajanta India, Oreva Group, Sonam Clock and Rikon Clocks Manufacturing Co produce around 15 million of clocks per annum. Just like any other industry in India, clock industry was going through a recession and now due […]
As per the recent update, the government is planning a beneficial step for companies undergoing resolution process under the IBC. IBC is an acronym for Insolvency and Bankruptcy Code. There is some talk going on between the Ministry of Corporate Affairs and Department of Revenue (DoR) and a framework is expected to be revealed soon. […]
